St. Paul daily globe., 1887-10-15
THE STATE OF TRADE.
The Usual Weekly Review of the
Situation in Commercial Circles.

Situation in Commercial Circles.
NEW YORK, Oct.1 t.14.-R.G. Dun & Co.,
In their weekly review of trade, say:
In spite of the many favorable condi-
tlons noted last week, prices do not adj
vance. The treasury added S33, ,000, 900
to the circulation in September. and has
added about s4,0O0,000 since, and the
Baltimore d Ohio bargain ratified and
the Reading reorganization insured.
Yet the prices of stocks fell On Wednes-
day to an average of S5S.77 per share,
the lowest since April and May, 1886,
and, excepting few weeks then, the
lowest for two years. Wheat has lost
every advance since Sept. 26. Corn, for
fortnight past, and oats, for month
past, have occasionally risen, only. to
recede again. Cotton has declined g
of a cent during the month, and
pork 81 per barrel. Oil is higher, but
the transactions are insignificant. Coal
is stronger because of strike, but iron
and steel are lower. The elaborate
statements of exchanges, for the past
year and a quarter only conceal the fact
that of late exchanges have been fall
ing behind those of last year, first at
New York, and then at other chief
cities and New England manufacturing
towns. In short, the theory that ''mOre
money" ensures propriety comes to
grief again. More than s!O7,0oo,oOo
have been added to the circulation
within the past fourteen months, but the
speculation thus stimulated has wrought
much harm already, and clouded the
future with doubt. While great
activity and expansion are wit
messed in some branches of buSi-
ness others exhibit symptoms of reac-
ton. Steel rails are again lower. Sales
were made last week for S34, spring de-
livery: and some makers are urging
general stoppage OF works. Pig iron,
No. foundry, continues scarce, because
of the Lehigh coal strike, but lower quo
tatiOnS come for gray forge and also for
bar iron. Encouraging statements of
exports in September show that of
breadstutfS, provisions, oil and cattle
the value was 9per cent. greater than
In 1886. A large decrease appears in
wheat, but a noteworthy increase in
flour; OF cattle and pork exports there
is decrease of One-half, and there is
some loss in butter, cheese and oil, but
gain of Sc, 900 in exports of cotton.
This months exports from New York
show gain of 211a per cent. again st an
increase of 10 per cent. in imports. EX-
change has advanced this week,
because of large sales of stocks
on fol eign account, and the controlling
question in the money. market now is
whether the passing of a dividend by
the Baltimore & Ohio, and other events,
will so discourage foreign holders of Sc
curitieS as to cause extensive selling.
But 100000 more gold arrived Oh
Thursday. Interior reports are uni
fOrmly more favorable. Though tight
money and slow collections are still re-
ported from some points, the pressure
is in most cases less severe and collec-
tiOnS rather better. In Texas, where
the cotton yield is said to be 10per cent.
below last year, failures are more nu-
merOus, and many traders are asking
Indulgence. But east of the Mississippi
money is generally easier at the South,
and the partial failure of crops is as yet
hardly recognized as cause of dis
turbance in the Northwest. If the
actual losses of farmers are as large as
the October bureau report would indi-
cate, however, some Shrinkage in the
volume of business must result. The
dry goods trade, though rather less
active, has been fairly satisfactory in
volume, with prices we'll maintained,
though print cloths are shade lower.
The shrinkage in woolen manufactures
appears in the reported sales of wool at
Boston, which were q ,0O0,O00 pounds
for three months ending Oct. against
5S,000,000 pounds for the same month
last year, but supplies on hand at the
beginning of the period may explain
part of the decrease. The boot
and shoe business is active and
healthy, and the leather market at last
improves. In some localities at the
West, where real estate speculation be-
gan early last fall, mortgages begin to
ripen, and prices are no longer main
tained, while bankers decline loans on
real estate security. But the building
of railroads and new towns and manu-
featuring centers still continues. The
business failures in the last seven days
number for the United States 1872, and
for Canada 20, or total of POP, COM
pared with PIP last week, and 1'79 for the
corresponding week in 1886.